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Saturday, 30 November 2013

Any political body - that seriously pursues taking up the sovereign right of powers of public credit - as in my opinion they should - would need and should seek - the assistance of the growing number of high level insiders of the current failed international financial system structures who still have a conscience and - have for many years - swimming against the tide - bravely began to expose the systemic nature of those failings and - push for reform of the international financial system from the ground up - in an attempt to counter the private ownership of everything is good for everyone - delusion - that has been swallowed as unchallenged orthodoxy – most by hook – fewer by crook – by most every public servant of influence and senior media commentator in the nation at the present time.Below are these people and - what are - in my opinion - their seminal documents - that I would refer to any public servant and media commentator - really wishing to act in the wider public interest - to read as soon as possible;

In memory of Vincent C Vickers - who administered the global high finance pyramid scam on behalf of the ultra-inter-generational-wealth-families of Europe - from 1910 - 1919 and - who wrote this document in the year of his death from illness in 1939 - in which he warned of his concerns for the future of civilisation if the private interests remained in control of the administration of credit & currency given that they had discovered that the venture most profitable to them was war - thus if the status quo remained increasing debt fueled wars and systemic growing inequality would be what the world suffers.http://userpage.fu-berlin.de/roehrigw/vickers/

David C Korten – 35 years global high finance – Harvard phd lecturer - How to Liberate America from Wall Street – which could easily be – How to Liberate the World from Wall Street;

Former JP Morgan Managing Director says entirely compounding interest attached money system has outgrown boundaries of the biosphere and is mathematically unsustainable!Transcript here;" I learned that a lot of what we practiced in finance through no ill intent, this is unrelated to the financial crisis, and the ethical challenges of the financial system, but that the system itself is designed to propel growth in the economic system with no regard to the physical boundaries of the planet and with little regard to the social criteria, social constraints of human well being and so it struck me that a lot of the symptoms that we talk about such as climate change obviously being on top of everyone's agenda, but ecosystem degradation, soil degradation, biodiversity loss. All of these issues are symptoms of an economic system that is essentially bumping into the boundaries of the biosphere, and if you think about finance and even our money system, which is built on a money system which is created through expanding money that has interest associated, so as the money supply grows the requirement to service money grows at a compound rate. That forces at a systemic level the economy to continue growing which if the economy is related to material throughput eventually creates this conflict with the boundaries of the biosphere. So its been a very profound realisation and what I have discovered is that there are an increasing amount of people thinking about this question, but its very much outside the halls of conventional economics and very much new economic thinking."https://www.youtube.com/watch?v=bnbxRW8FnT8&list=UUP-w1HwANvH1lYXC29sJUNQ

Stephen Zarlenga - in 1996 - cofounded the American Monetary Institute (AMI), which promotes the independent study of monetary history, theory, and reform and has been its director since then. He is the author of the groundbreaking book the Lost Science of Money subtitled The Mythology of Money – The Story of Power in which he calls into question and challenges the basis, and Achilles’ heel, of American Capitalism: the private control and resulting misdirection of the nation’s monetary system. This book started the modern movement for monetary reform in America. Based on this research, the American Monetary Act was developed to reform our nation’s money system.

Adair Turner – Former head of the UK Financial Stability Authority formed after the 2007 global financial crisis – says that - Overt Money Financing – of government funding by way of public credit banking is a legitimate policy solution;http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf

Ben Dyson - in 2010 - founded Positive Money UK - works on the campaign full time and - is also one of our four directors. Ben has spent the last five years figuring out what’s wrong with the financial system. He now spends his time working on the Positive Money campaign, working with MPs, think tanks, charities, academics and unions to promote a better understanding of the real issue with debt-based money and fractional reserve banking. Ben is a co-author of ‘Modernising Money’ along with Andrew Jackson.Ben originally studied Development Economics at the School of Oriental and African Studies (SOAS, University of London) before spending 2 years in a team of 4 growing a start-up business in the financial sector and successfully securing funding from the founder of a FTSE 250 firm.

Joseph Stiglitz – Former Chief Economist of the Worldbank and 2001 Nobel Laureate in Economics – for a long while after the 2007 global financial crisis Joseph Stiglitz was of the opinion that the entirely private loan based money system could still be tweaked to work for the greater good – if only the private bankers would change their ways – when it became obvious they wouldn't – he now advocates a reforming of the current financial system from the ground up;http://blog-imfdirect.imf.org/2013/05/03/the-lessons-of-the-north-atlantic-crisis-for-economic-theory-and-policy/

Ellen Brown - developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back.

In The Public Bank Solution, the 2013 sequel, she traces the evolution of two banking models that have competed historically, public and private; and explores contemporary public banking systems globally.

William K. Black - now a professor of law at the University of Missouri at Kansas City, is a former bank regulator who played an integral role in throwing a number of high-level executives in jail for white-collar crimes during the savings and loan crisis in the 1980s.

Sunday, 17 November 2013

The basis of most all human enterprise is the conversion of raw natural resources into consumables - of which there is two kinds - the necessities of life and the wants of life.The greatest risk and senior most balance sheet at the core of any money system - that no amount of abusive creative accountancy can overcome - without being found out by catastrophic results - is the actuarial accountancy of credit
that ascertains if there is enough real value to warrant new purchasing power - represented as currency - being issued into circulation - when weighed against sustainable
natural resource collateral to back it. The state credit and currency should be administered as a clear asset to the state in the process of
converting birthright commonwealth natural resources into necessity
of life and essential economic infrastructure as the primary economic
base - so the states national currency will be spent into existence
- not lent into existence - the money system where all
credit is administered by private banks and hired out at interest to the state should be abolished.Domestic commercial banks should intermediate loans of already
circulating state national currency - this allows the necessity of life and
essential economic infrastructure to remain in public hands to be
supplied as a public service - at cost - without the impost of private bank demanded compounding interest being attached – this means localised
domestic money systems could again exist as they did prior to Anglo-Saxon heritage private controlled international central banking network dominance – at users own risk of course - without being
deemed illegal against the state national interest – literally.

Having had first balanced your state economy
internally to be the best it can be for as many as possible - within
the boundaries and balances of natural resources and population - you
then trade what you have surplus to your own needs to obtain what you
cant supply yourself - via bi-lateral currency exchange agreements or
barter exchange. Do away with the one 'most trusted' reserve currency
middleman system - as the said
convenience has turned out to be nothing but bait in a trap – as
you had to give the controllers of that middleman reserve currency - control of the actuarial accountancy of your credit - which if entirely interest bearing loan based - ends in their interest bearing debt getting exchanged into your money system - to circulate as your currency - more to their benefit than yours – with your state absurdly putting its natural resource public assets and citizens labour up as security for the foreign loans circulating as currency in your money system.

Presently around the world - not only are state publicly owned
banks practicing Fully Functioning Public Credit Money Systems - quite common - but those states with strong public banking sectors
have generally had stabler economies. According to an Inter-American
Development Bank paper presented in 2005 - the percentage of state
ownership in the banking industry globally in the mid-nineties was
over 40 percent. The BRIC countries—Brazil - Russia - India - China
- contain nearly three billion of the world’s seven billion people
or 40% of the global population. The BRIC all make heavy use of
public sector banks - which compose about 75% of the banks in India,
69% or more in China, 45% in Brazil, and 60% in Russia - you can add
to that list South Africa - Argentina - Japan - Iran - Hungary. These nations have been more unstable the more influence they
have allowed the Anglo-Saxon heritage entirely interest bearing - private loan based money system to encroach on
their economy and - many times they did not allow - but had it forced
upon them.

All nations of Anglo-Saxon heritage - England - America - Canada - Australia have at times in very recent
history - as history goes - practiced Fully Functioning Public Credit
Money Systems - at which time they have enjoyed no greater wide
spread prosperity - New Zealand has used its powers of public credit
twice in their short history - for very short periods - 1845 Fitzroy
Promissory Notes & 1935 first Labour Government funding of the start of
the 1936 State Housing project - crediting its own account backed by
the income producing assets that the currency spent into circulation
would enable to occur – after paid workers had converted raw
available natural resources into houses the state would own and be
able to rent out at minimal cost and still make a profit. No nation
of Anglo-Saxon heritage currently take up the sovereign right of
their sovereign powers of public credit.

Any New Zealand political body of
sufficient influence - that seriously pursued taking up the sovereign
right of powers of public credit - as in my opinion they should - would need and should
seek - the assistance of the growing number of high level insiders of
the current failed international financial system structures who still have a conscience and - have for many years - swimming against the tide - bravely began to expose the systemic nature of those
failings and - push for reform of the international financial system
from the ground up - in an attempt to counter the private ownership of everything is good for everyone - delusion - that has been swallowed as unchallenged
orthodoxy – most by hook – fewer by crook – by most every
public servant of influence and senior media commentator in the nation at the present time.

Below are these people and - what are - in my opinion - their seminal documents - that I would
refer to any public servant and media commentator - really wishing to act in the wider
public interest - to read as soon as possible;In memory of Vincent C Vickers - who administered the global high finance pyramid scam on behalf of the ultra-inter-generational-wealth-families of Europe - from 1910 - 1919 and - who wrote this document in the year of his death from illness in 1939 - in which he warned of his concerns for the future of civilisation if the private interests remained in control of the administration of credit & currency given that they had discovered that the venture most profitable to them was war - thus if the status quo remained increasing debt fueled wars and systemic growing inequality would be what the world suffers.http://userpage.fu-berlin.de/roehrigw/vickers/David C Korten – 35
years global high finance – Harvard phd lecturer - How to Liberate
America from Wall Street – which could easily be – How to
Liberate the World from Wall Street;

Stephen Zarlenga - in 1996 - cofounded the American Monetary Institute (AMI), which promotes the independent study of monetary history, theory, and reform and has been its director since then. He is the author of the groundbreaking book the Lost Science of Money subtitled The Mythology of Money – The Story of Power in which he calls into question and challenges the basis, and Achilles’ heel, of American Capitalism: the private control and resulting misdirection of the nation’s monetary system. This book started the modern movement for monetary reform in America. Based on this research, the American Monetary Act was developed to reform our nation’s money system.

Adair Turner – Former head of the UK Financial Stability Authority formed after the 2007 global financial crisis – says that - Overt Money Financing – of government funding by way of public credit banking is a legitimate policy solution;http://www.fsa.gov.uk/static/pubs/speeches/0206-at.pdf

Ben Dyson - in 2010 - founded Positive Money UK - works on the campaign full time and - is also one of our four directors. Ben has spent the last five years figuring out what’s wrong with the financial system. He now spends his time working on the Positive Money campaign, working with MPs, think tanks, charities, academics and unions to promote a better understanding of the real issue with debt-based money and fractional reserve banking. Ben is a co-author of ‘Modernising Money’ along with Andrew Jackson. Ben originally studied Development Economics at the School of Oriental and African Studies (SOAS, University of London) before spending 2 years in a team of 4 growing a start-up business in the financial sector and successfully securing funding from the founder of a FTSE 250 firm.

Joseph Stiglitz – Former Chief
Economist of the Worldbank and 2001 Nobel Laureate in Economics –
for a long while after the 2007 global financial crisis Joseph
Stiglitz was of the opinion that the entirely private loan based
money system could still be tweaked to work for the greater good –
if only the private bankers would change their ways – when it
became obvious they wouldn't – he now advocates a reforming of the
current financial system from the ground
up;http://blog-imfdirect.imf.org/2013/05/03/the-lessons-of-the-north-atlantic-crisis-for-economic-theory-and-policy/

Ellen Brown - developed her research skills as an attorney practicing civil litigation in Los Angeles. In Web of Debt, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back.

In The Public Bank Solution, the 2013 sequel, she traces the evolution of two banking models that have competed historically, public and private; and explores contemporary public banking systems globally.

William K. Black - now a professor of law at the University of Missouri at Kansas City, is a former bank regulator who played an integral role in throwing a number of high-level executives in jail for white-collar crimes during the savings and loan crisis in the 1980s.

Saturday, 16 November 2013

Excerpts from book - CRISIS - by New Zealand Reserve Bank Governor - Alan Bollard - published September 2010.Part of review from New Zealand Press Association 4/9/2010

Bollard tells story of crisis while still in office Reserve
Bank of New Zealand Governor Alan Bollard admits it is a risk writing
about the global financial crisis while he is still in office and
events are still unfolding.

But
the process of creating his book, Crisis: One Central Bank Governor
and the Global Financial Collapse, and oral history recordings that
triggered were cathartic. They clarified "the fog of war"
and how he felt about the biggest challenge of his career, he said.

"It
was quite unusual and I had to think about it carefully. There were a
few things I couldn't say," he said.

From book preface & pages;Preface - I have also tried to be scrupulous to ensure that I have written nothing on New Zealand that could not have been made public under the Official Information Act; indeed, much of the official policy is already in the public arena. This means at times the book is less revealing than it might otherwise be. We hope its no less insightful and interesting.*Pg 19-20 - “Banking practices differ around the world, but we ensure ours meet international standards. These are set by a somewhat shadowy group called the Basel Committee on Banking Supervision. Comprised of representatives of large countries( not including New Zealand ), the group meets in Switzerland at the Bank of International Settlements (BIS).”*pg 98 - Agreed convention at the Bank of International Settlement means that what is said in the room stays in the room.*pg 69 - We had lived through the biggest shock to the financial system since the Great Depression. But a financial shock of this magnitude was clearly also going to cause significant economic damage. This effect first showed in the large, northern, developed economies with the biggest financial sectors. The festering finance problems were flowing into the non-financial sectors, what we call the “real economy”.*pg 186 - The worlds financial system and the worlds economy are inextricably linked; a banking crisis hurts growth in the “real economy”.*pg 145 - For the first time as an economist, I started seriously to wonder about just how tenuous our Western market-based world might be.*pg 44 - Many overseas bank regulators spend their time sitting inside their target banks, poring over customer accounts. We have a more light-handed touch. We rely on a deep understanding of bank processes and we require a considerable amount of information which must be signed off by their directors. So far this system has worked well.*pg 148 - The New Zealand business sector had been suffering. Profits were down across the board, staff lay-offs were in progress, investment had halted and firms were finding it hard to get funding. This was worsened by the banks’ response to the crisis, which had been to cut lending, abandon committed lines of credit and impose onerous terms and conditions on banking covenants.*pg 157 - Another governance worry related to the power and competence, or lack thereof, on the part of banks chief risk officers and risk committees. These officers assess the possible outcomes from any deal and decide whether the risks are acceptable under the banks mandated policies. We were now hearing about cases where risks had been miscalculated, procedures bypassed and officers overruled, all in the race for higher earnings.*pg 165 - Bad debts had started to emerge on their lending books. Most of these concerned small businesses or farms where borrowers had over-committed themselves at a time of high property and farm prices. There were also residential mortgage defaults followed by evictions and mortgagee sales, but these were mercifully rare. Foreclosures attracted considerable media and political criticism.In the case of some of the agricultural defaults, we felt that certain banks had been over-optimistic and under-analytical in their lending, and we moved to tighten some of the relevant capital requirements for the future.*pg 183 - “In self-interest, banks may encourage New Zealander’s to take on more debt than is good for them individually or deliver more external liability than is good for the country.”*Pg 120-1- Meanwhile, on 6 March a senior team from the Wellington made its three-monthly trek across Bowen Street, along the walkway above the Cenotaph, through security checks in the Beehive and across to the ornate old Parliament Building to Committee meeting rooms. Here, committees of parliamentarians from across all parties routinely advise on upcoming legislation and examine public bodies on their use of public funds. We are used to appearing before them as they regularly examine our Monetary and Financial Stability Reports. But this session was different. As was their duty on behalf of the taxpayer, they wanted to talk about the crisis, the steps we were taking and the costs and risks for government. The 2008-intake Finance and Expenditure Committee under the chairmanship of Craig Foss was seriously focused and prepared to put aside political differences during the crisis.I was worried about what might happen at the session. Proceedings are on the record with journalists sitting in the back, television cameras rolling, digital recorders running and even media blogging live from the room. Select Committees have strong powers - they can require people to attend and answer questions. I knew that I might be asked questions about exchange rates, foreign reserves, bank liquidity and a whole range of topics on which straight-forward answers could upset financial markets. The day before the hearing I rang the chairman and explained my concern. Craig Foss has a background in financial markets; he readily understood the dangers and assured me that he would guide the Committee away from dangerous questions in public.They treated us deferentially. (they even started calling me Sir:) I sat with Deputy Governor Grant Spencer and our head of financial Simon Tyler, at the front committee table, our desk almost beneath microphones and recorders. In carefully moderated terms, we told them about the crisis. We explained how, partly because of the new mortgage-backed security liquidity facility, the Reserve Bank balance sheet had grown hugely to $36 billion; this had increased risk to the government, but by a very manageable amount. Then they inquired about a small company called Mascot Finance, which was in the news because it was making losses. Though a very small player, we were soon to be hearing more about it.